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Deutsche Bank has announced that it has partnered with the start-up accelerator Axel Springer Plug and Play to select, develop, and finance up-and-coming technology companies from sectors such as banking and insurance.
The companies have signed a cooperation agreement in Berlin and Deutsche Bank will be an exclusive Axel Springer Plug and Play partner. Through this cooperation, the companies seek promising digital start-ups from sectors such as banking and insurance, support their business success and provide financing.
“With Axel Springer Plug and Play, we have the right partner for finding the best digital start-ups throughout Europe,” said Markus Pertlwieser, Chief Digital Officer (CDO) of Deutsche Bank’s Private, Wealth & Commercial Clients (PW&CC) corporate division. “For us, this is a strategic step towards accelerating the digital transformation of our core business and investing in new digital business models.”
According to the official release, Deutsche Bank will help select technology start-ups and will cooperate with Axel Springer Plug and Play to offer them support, workshops, and financing. In return, the bank will gain a seat on the selection committee, with voting rights. Axel Springer Plug and Play will retain a majority in the decision-making body.
In addition to funding, the selected start-ups will also gain access to the bank’s Innovation Labs and its Digital Factory in Frankfurt, allowing Deutsche Bank to combine the new partnership with its own research and development activities in the field of digitalisation.
Launched in 2013, Axel Springer Plug and Play, a joint venture between the media company Axel Springer and California-based Plug and Play Tech Center, is Europe’s leading accelerator for the development of technology start-ups in the media and financial sectors. It has already invested in 86 digital companies. As part of a 100-day programme, it provides them with EUR 25,000 in seed financing and access to experts and mentors, as well as the use of offices at a co-working space. The best digital business models receive follow-on financing.
“Having Deutsche Bank as a partner gives us additional expertise and the means to build on this basis in a targeted manner. We are delighted that we will be able to do an even better job of supporting start-ups in the future by working together”, Jörg Rheinboldt, Managing Director of Axel Springer Plug and Play, said.